By looking at the graphs showing a negative supply shock’s impact on aggregate demand and aggregate supply and on the Phillips curve, we can see that high energy prices in the late 1970s ______.
a. increased price levels and RGDP, but decreased inflation rates and unemployment rates
b. increased price levels, RGDP, inflation rates, and unemployment rates
c. decreased price levels, RGDP, inflation rates, and unemployment rates
d. increased price levels, inflation rates, and unemployment rates, but decreased RGDP
d. increased price levels, inflation rates, and unemployment rates, but decreased RGDP
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The consumer surplus enjoyed by the winner of a first-price sealed-bid auction is equal to the difference between ________
A) his value for the item being auctioned and the value of the lowest bid B) his bid and the second-highest bid C) his maximum willingness to pay for the good and his bid D) his bid and the market price of the item
Refer to the table below. What is the probability of selling less than 24 cakes?
The above table shows the probability distribution of cake sales at Busy Betty's Bakery.
A) 0.00
B) 0.10
C) 0.90
D) 0.80
Which of the following could be considered an example of a monopsony?
a. a professional sports league b. the only auto repair shop in a small town c. a single mining firm that was the only employer in the area d. all of the above
If a firm goes bankrupt, the bondholders will get paid back before the stockholders get any money
a. True b. False Indicate whether the statement is true or false